Profile TradersTradingview Charts - A Guide to Backtesting, Screener, Alerts, and Crypto Pricing
Updated: Oct 25, 2022
After getting over a million active monthly users without any advertising budget in a month in 2016, Tradingview has not looked back. The investment of $37 million on Tradingview by the investment firm Insight Venture Partners in 2018 indicates that the TechStars Westerville headquartered Tradingview is on the right track. Its vital success started when it started to share its data visualization capabilities with Investopedia for free, which helped gain exposure worldwide, according to the Builtinchicago report.
Verify any technical trading concepts in Investopedia, and there will be many charts and representations given by Tradingview.
Majority of the Tradingview’s functionality is available for free users, which drives an insane amount of traffic. If a serious trader needs additional features such as multiple charts in one screen, or a customized timeframe (like 3 min or 7 min timeframe), they can opt for membership ranging from $15 to $60 (USD) per month.
This article aims to explain some of the crucial features of Tradingview and how it can solve many problems in traders’ life.
Table of Contents
CryptoCurrency Charting in Tradingview
What Makes Tradingview Special?
Disadvantages with Tradingview
Popular Topics
Tradingview Charts
Tradingview has customized URLs for different countries. For example, ‘Tradingview India’ can be accessed with in.tradingview.com and ‘Tradingview Japan’ can be accessed with jp.tradingview.com, and ‘Tradingview France’ can be accessed with fr.tradingview.com.
Tradingview charts look elegant and beautiful. I have used it for all my blog posts and books. Besides, it provides an option for all the users to create their customized indicators and store them on the servers so that anyone can use them; credit goes to their scripting language, ‘Pine Script.’
CryptoCurrency Charting in Tradingview
Tradingview gained a lot of users when it signed up with Nasdaq and Bitfinex - a cryptocurrency exchange. It also signed with other Crypto exchanges such as Bitstamp, Binance, Coinbase, etc., and also completely equipped with all the features before the crypto boom, and hence it became the No.1 charting tool among crypto traders.
Satoshi Nakamoto has developed the first cryptocurrency ‘bitcoin’ in 2009, and many such currencies were born in the last few years. At the time of writing this post, the US Dollar is getting weaker day by day against cryptocurrencies, and it indicates a radical shift in the investing world.
BTCUSD is the most popular traded pair among the Crypto vs. Currency pairs. At the time of writing this article, 1 Bitcoin is equal to 31,992 USD. Traders can also trade crypto vs. crypto pairs, and the most popular and liquid pair is ETHBTC (Ethereum Bitcoin).
Tradestation crypto integrated with Tradingview a few months back, and it allowed traders to trade and invest directly in cryptocurrencies without leaving the Tradingview platform. It is a great luxury and comfort to all crypto traders.
As I explained on Twitter the other day, you can learn 10 Cool Trading Hacks with Tradingview.
Tradingview Paper Trading
Tradingview provides a paper trading facility (also called simulated trading) by giving a default fake balance of $100,000. It tracks all the paper trading orders and indicates how much Profit or Loss (PnL) with the trades.
The above image shows the USDINR chart.
The price is near the support trend line and is also displayed similarly to the bullish harami pattern.
Assume you are a beginner or intermediate-level trader and you want to paper trade the idea. Then, it is straightforward. Right-click on the chart and select the “Trade” option. You can select the ‘buy’ option (as you plan a long trade in the above example) to place the trade.
Then it pops-up a separate window at the bottom. If you plan to do only paper trading, then select the ‘Paper Trading’ option. Otherwise, if you have any broker account integrated with Tradingview, you can punch the order by logging into the respective account within the Tradingview panel.
The next step will display a new window on the right side to fill in the order details.
One can select either market, limit, or stop order. There is also an option to enter both the profit booking price level and the loss booking price levels. Enter all the details here, and after punching the order, all the order details will be shown at the bottom.
In this way, one can know the outcome of their trading idea using the paper-trading option in Tradingview.
As I explained on Twitter the other day, you can learn 10 Cool Trading Hacks with Tradingview.